Word: bu
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Dates: during 1930-1939
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...Trade, he must have been a sorely disappointed man last week. The Board of Trade barred short sales by foreign governments. Soviet shorts covered their position. The Federal Farm Board, through its grain corporation, began to buy again. Yet within the week September wheat slumped 7 cents per bu. to a 24-year-rec-ord low of 74½ cents, as compared with the 5 cent-per-bu. decline the week Soviet traders were accused of deliberately trying to depress the market to demoralize U. S. husbandmen (TIME, Sept...
...According to the Federal Farm Board, Russia produces wheat at 30¢ per bu. The U. S. tariff would run the delivered price up to 72¢ per bu., exclusive of freight charges. The Soviet sales were reported at about 95¢ per bu. for May delivery. Delivery would be easily possible if Russia, as has been charged, were ready to take a loss to "dump...
...Hedging is a market process of equalizing profit-&-loss. A grain dealer buys 100 bu. of spot wheat at 800 per bu., simultaneously sells it for future delivery two months hence, say, at 860. The 60 differential theoretically covers the handling and carrying charge during that period. If at delivery time spot wheat has fallen to 75¢, he is guarded against loss by his contract. Likewise if wheat rose in the interval he would not thereby profit on his contract...
President & Pit. In Washington anxious Secretary of Agriculture Arthur Mastick Hyde told President Herbert Hoover that trade representatives of the Soviet Government have sold short "at least 5,000,000 bushels" of grain (and possibly 7,500,000 bu.) in Chicago's pit, hope to depress prices further, sow discontent among U. S. farmers...
...Wheat Crop estimate rose from 821,000,000 bu. on Aug. 1 to 838,000,000 bu. on Sept. 1. Last year's harvest of 806,000,000 bu. was productive of this year's price depressing surplus...